my first bog post in while.. over a year!!!
Anyway was just thinking this morning and thought I'd share my thoughts on what I think a lot of people might be struggling with; the best time to quit your job and run your start-up.
The way I see it there are 2 optimal points in life to try your hand at full time or full income start-up entrepreneurship (a large percentage of your earnings or time devoted to the venture).
The points below are by no means scientific and make major assumptions about what I feel someone a certain age may or may not have achieved.
Undergraduate or fresh graduate (16 – 26 or till you get married or have kids)
- No dependents
- lots of time
- No major commitments.
- Lots of energy, zeal, passion and drive.
- If your business fails no bother, you can always try another venture or become an employee and try again later.
- Lack of professional experience
- Lack of strong professional networks
- Lack of access to customer base
- Lack of business management experience
- Lack of access to capital
- Possibly small idea mind-set simply because of lack of exposure to your own potentials
35 to 45 years
- Fully developed professional experience
- Strong professional networks
- Possibly good understanding of business management
- Greatly improved access to capital, perhaps from savings or business associates
- Big idea mind-set
- Likely leadership experience
- Less risky if there is financial buffer saved over the years
- If you have been continuing formal education, then more education form degrees, certifications etc.
- If you have been running business gradually, business might be fully developed and self-sustaining or even very successful by this time
- Possibly decent family life during the build-up to the switch to full time entrepreneurship, of course depending on how much time and money is devoted to business idea or business on the side.
- Likely have created a decent life for family and set things on motion for a decent life through the initially risky entrepreneurship cut-over period
- If your venture fails you can always go back to being an employee, you have the work experience to get you another job
- No time
- Major commitments to family, friends, work etc.
- Might watch several big opportunities go by
- Very risky because failure will might adverse effect on family life.